Investment management company LVS Advisory, a New York City-based full-service investment firm, recently released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The defensive portfolio of the fund gained 2.9% in the quarter. Year-to-date, the portfolio gained 3.3% compared to an 18.5% decline for the Barclays High-Yield Bond Index. In comparison, the Growth Portfolio was down 5.5%. The portfolio underperformed the S&P 500 Index in 2022 and declined 36.4% year to date. For more information on the fund’s top picks in 2022, please check its top five holdings.
LVS Advisory highlighted stocks like Netflix, Inc. (NASDAQ:NFLX) in its Q3 2022 investor letter. Headquartered in Los Gatos, California, Netflix, Inc. (NASDAQ:NFLX) is an entertainment services company. On November 10, 2022, Netflix, Inc. (NASDAQ:NFLX) stock closed at $274.97 per share. One-month return of Netflix, Inc. (NASDAQ:NFLX) was 19.55% and its shares lost 59.72% of their value over the last 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $122.367 billion.
LVS Advisory made the following comment about Netflix, Inc. (NASDAQ:NFLX) in its Q3 2022 investor letter:
“I have long admired Netflix, Inc. (NASDAQ:NFLX) but have never owned the stock before 2022. The company saw its market valuation soar during the pandemic as the world stayed at home and the company gained subscribers. Netflix’s growth rate stalled during the first half of 2022 as many subscribers churned at the end of the pandemic. The stock price fell 75% from a high of $692 in November 2021 to a low of $170 in July 2022. The stock which once traded for a price-to-earnings multiple of 60x became available at a below-market multiple of 17x. Furthermore, the company laid out plans to restrict account sharing and launch an advertising-supported tier to attract customers unwilling to pay up for more expensive plans. Based on my research, I believe Netflix’s new ad-supported tier will be even more profitable than its traditional plans and lead to significant subscriber growth. Finally, the company has struck a new tone in 2022 around its intent to manage expenses more carefully to defend margins and drive cash flow per share growth for shareholders. I liked Netflix’s 2022 pivot and we invested in the stock over the summer at an attractive entry point.”
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Netflix, Inc. (NASDAQ:NFLX) is in 19th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 95 hedge fund portfolios held Netflix, Inc. (NASDAQ:NFLX) at the end of the second quarter, which was 109 in the previous quarter.
We discussed Netflix, Inc. (NASDAQ:NFLX) in another article and shared Bireme Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
